April 2015

How to IPO a 440-year old start-up

‘Bols keert terug op de beurs;

eindelijk weer een bekend

middelgroot Hollands bedrijf

naar Damrak’ – De Telegraaf

09-01-2015 ‘World’s oldest

distiller brand Bols

plans Dutch listing’

– AFP 08-01-2015

Symboliek ten top bij beursgang Bols;

likeurenmaker schenkt rondje voor de

zaak’ - De Telegraaf 05-02-2015

‘Lucas Bols kondigt

introductieprijs aan; maximale

waarde destillateur 297 miljoen

euro’ – ABM 21-01-2015

‘Bols is trots om als Nederlands

bedrijf weer op de beurs te

komen’ – FD 09-01-2015

‘Amsterdams drankenbedrijf

Bols belooft beleggers een

ruimhartig dividend’ – FD 22-

01-2015

Why IPO?

‘Beursgang Bols vol symboliek;

Jeneverproducent gaat voor groei en

aflossing schulden’ - Trouw 05-02-2015

Amsterdam 1575

Lucas Bols at a glance

Over 110 countries, 54% revenue outside Western-

Europe

24 brands, Bols Liqueur Range

39 flavours

Superior normalised cash conversion rate2 provides for attractive dividend potential

12.5% North

America

18.1%

Asia-Pacific

23.2%

Western

Europe

46.2%

Emerging

Markets

€79m revenue €22m EBIT1

% of total FY 2013/14 revenue

36%

41%

42%

45%

56%

58%

78%

Peer group average 46%

General note: Each trade mark, trade name or service mark of any other company belongs to its holder

Note 1: FY 2013/14 figures, fiscal year starting April 1 and ending March 31; EBIT used to calculate EBIT margin includes share of profit of joint ventures, net of tax, as per Lucas Bols’ EBIT definition

Note 2: a) FY 2013/14 for Lucas Bols and last year available for the others; b) Cash conversion defined as operational FCF / EBITDA; operational FCF defined as EBIT x (1 - statutory tax rate) + D&A - ∆ Operating Working Capital

(Inventories + Trade receivables – Trade payables) – Capex; c) cash conversion rates for Lucas Bols and other companies are calculated using adjusted EBIT (i.e. EBIT excluding results of joint ventures and associates); using

Lucas Bols’’ EBIT as defined by the company (i.e. share of profit of joint ventures, net of tax) would also result in a cash conversion rate of 78% for Lucas Bols. Neither cash conversion nor EBIT are a measure of liquidity or

performance calculated in accordance with IFRS

EBIT

€m

Revenu

e €m

22.0

78.7

28%1

margin

34.9%

13.1%

5.7%

46.2%

De Kuyper Liqueur Range

Hiram Walker Liqueurs

Bols Liqueurs

Other

#3

26.4%

10.7%

9.2%

53.6%

Lucas Bols

Nolet

Hooghoudt

Other

#1

10.3%

4.6%

85.0%

Bols Liqueurs

De Kuyper Liqueur Range

Other

#1

Lucas Bols has a history going back almost 440

years

Lucas Bols is a truly global spirits company

Source: IWSR 2014

#1 player in Liqueur Ranges segment globally (excl. US, 2013)

Note 1: During FY 2013/14

Source: IWSR 2014

#3 player in Liqueur Ranges segment in the US (2013)

Source: IWSR 2014

#1 player in Genever segment globally (2013)

Unique history mastering the art of distilling, mixing

and blending, and creating tastes for liqueurs and

genevers

One of the oldest Dutch companies still active and the

oldest distilled spirits brand in the world

Lucas Bols products are sold in more than 110

countries on six continents

Approximately 36% of Lucas Bols’ revenue was from

Emerging Markets and Asia-Pacific1

Approximately 80% of Lucas Bols’ revenue was from

markets outside the Netherlands1

Global spirits player with unique heritage

1575: Establish Lucas

Bols

2015: Lucas Bols to return

to the Amsterdam Stock

Exchange 2015

2000: Take over by Rémy

Cointreau

1954: Lucas Bols quoted

on the Amsterdam Stock

Exchange

2006: Buy-out by current

management, backed by

AAC

1822 –

1954:

Worldwide

expansion

of the Bols

brand

Lucas Bols business model

General note: Each trade mark, trade name or service mark of any other company belongs to its holder

Product development

Craft distillery Production (blending

and bottling) Master distiller

Production

(blending and

bottling)

Lucas Bols in-house Partnerships

Distribution set-up to ensure route to market Production set-up to increase efficiencies and ensure

quality

Lucas Bols USA Distribution

joint venture

BOLS Kyndal

Flexible and asset-light business model allowing

management to focus on core activities

Distribution Sales and

marketing

Distillation of

the heart of the

products

Direct distributors

The IPO: what you saw...

What we did: highlights

• This transaction opened up the Dutch equity market with the first IPO in 2015 on Euronext Amsterdam

• The offering consisted of €128m in mostly primary shares

• Global coordinators: Rabobank and Kempen. Company advisor: NIBC, Loyens & Loeff

• Additional 15% greenshoe consisting of secondary shares by AAC Capital and a warrant holder

• Valuing the company at an equity value of €197m or around 12.0x EV/EBIT 2013/14

• Around 20% of the offering was allocated to retail investors due to overwhelming demand

• Leverage of around 3x EBITDA upon listing and target mid-term leverage of maximum 2x EBITDA

• Lucas Bols targets a dividend of at least 50% of its net profit

• After the listing, the stock developed well, now trading at around €18,50 (+17%)

What we did: timeline

Equity story & positioning Investor education

(Research analysts)

PDIE

8 – 20 January

Offering

21 January – 3 February

Management roadshow

Bookbuilding

3-4 Feb

Pricing

Listing /

Trading Analyst presentation (17 Nov)

Intention to

Float (8 Jan)

Launch (21 Jan)

Research report

Pilot fishing (3, 6 and 7 Nov)

Successfully executed transaction

process with accelerated timetable

IPO preparation

25 August – 7 January

Selection Adv.

July

Global

Coordinators:

Rabo & Kempen

Company

advisor: NIBC

Date set for IPO in July: 6 February

41%

23%

13%

8%

6%

6% 3% UK

The Netherlands

US

France

Germany

Switserland

Rest of Europe

0

Broad range of investors targeted during PDIE, focus on solid

international long-only investors

Investor interest

Breakdown of accounts by geography

Daily evolution of investor education feedback

Breakdown of accounts by investor type

92 124

180

245 282

313 334

08-jan-15 09-jan-15 12-jan-15 13-jan-15 14-jan-15 15-jan-15 16-jan-15

72%

28% Long-only

Hedge fund

Interested Not interested Against investment policy

Two weeks management roadshow

Paris

Frankfurt

4 meetings

7 meetings

Netherlands

7 meetings

London

18 meetings

New York

6 meetings

Lucas Bols Management has met with 83 investors during the global roadshow in one-

on-one meetings, group meetings and conference calls

Conference calls

9 calls

Did not always go as planned...

Management Lucas Bols ingesneeuwd tijdens roadshow

AMSTERDAM – Lucas Bols is in zijn voorbereidingen op de

beursgang geplaagd door de sneeuwstorm die de

noordoostkust van de VS vandaag trof.

- De Telegraaf 27-01-2015

Final allocation reflects broad demand from local family offices,

international long-only funds, hedge funds and retail investors

Investor type split Geographic type split

Major shareholders

NL 51%

UK 23%

US 10%

FR 8%

BE 4%

LU 2%

Rest of Europe

2%

Long-only 66%

Retail 20%

Hedge 13%

PB 1%

To conclude

- Company with a market cap of €200m can be successfully IPO-ed provided

investor affinity with solid equity story:

Strong support from local investors for the IPO with more than half of the shares

allocated to Dutch institutional funds, family offices and retail

- Disciplined execution of a focussed, time critical process is vital

- Not being a dual track conceived as a positive

- Relevance of internal resources and management for midcap IPO’s

- Timing is everything...

34

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